Perran Moon

Meur ras, Mr Twigg. It is an honour to serve under your chairship. I was proud to be elected on a manifesto that pledged to ban the approval of new oil and gas licences in the North sea. Rosebank would be a futile final bone thrown to the oil industry. The proceeds of Rosebank will not be felt in energy bills, given that the oil will be sold on the international markets with no guarantee that it will be reimported back into the UK and will barely tweak the Treasury’s revenue needle. Had we set up an energy wealth fund, as the Norwegians did while the UK endured the Thatcher years—and as the Chancellor did in the Budget two weeks ago—the UK would have benefited from these proceeds, but we long sold off control and therefore the ability for Rosebank to benefit our communities. We should instead be investing in renewables, much in the same way that the National Wealth Fund has invested £1 billion in offshore wind projects announced today. We will create good, productive jobs, bolster energy security and tackle the cost of living. These benefits will be felt prominently in post-industrial communities such as Cornwall, where we have remarkable opportunities in critical minerals, geothermal, floating offshore wind and solar. But there is another massive decision on the Government’s doorstep today that has the potential to dwarf even Rosebank. If the Government choose to reduce the 2030 target for zero emission vehicles to 50%, with flexibilities extended, that would create a demand for petrol equivalent to double annual Rosebank production. It is really important that Members understand this. Failing to transition to electric vehicles would come not only with a catastrophic environmental cost, but the loss of 127,000 jobs and £70 billion in gross value added. I therefore urge Members to galvanise their opposition against the changes to the ZEV mandate. I would be happy to discuss this with any Members after this debate.